CEO-board connections and the cost of equity capital: International evidence

被引：0

作者：

Bhuyan, Md Nazmul Hasan ^{[1
]}

Javakhadze, David ^{[2
]}

机构：

[1] North Carolina A&T State Univ, Coll Business & Econ, Greensboro, NC USA

[2] Florida Atlantic Univ, Coll Business, 777 Glades Rd, Boca Raton, FL 33431 USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2024年 / 47卷 / 02期

关键词：

IMPLIED COST; CORPORATE GOVERNANCE; AGENCY COSTS; SOCIAL TIES; INVESTMENT; FIRMS; CONSEQUENCES; DETERMINANTS; INSTITUTIONS; INFORMATION;

D O I：

10.1111/jfir.12366

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this article, we investigate the effect of chief executive officer (CEO)-board connections on the cost of equity capital in an international setting. We find that CEO-board connections have a significant negative effect on the cost of equity. Our results are robust to alternative variable measurements, model specifications, and potential endogeneity adjustments. Examining the channel, we show that social ties reduce information asymmetry issues. We further show that firm-level operational complexities and investment intensity, as well as country-level developmental attributes and culture, moderate the association between CEO-board connections and the cost of equity capital.

引用

页码：317 / 365

页数：49

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